As a seasoned researcher with a knack for deciphering market trends and regulatory shifts, I find myself intrigued by this week’s developments. The meteoric rise of Bitcoin to new all-time highs is a testament to the resilience and potential of this digital asset. The Federal Reserve’s interest rate cut seems to have further fueled the fire, as it often does in financial markets.
This week, as a researcher immersed in the dynamic world of cryptocurrency, I’m thrilled to report that Bitcoin has reached an unprecedented peak following the U.S. elections. The surge in value isn’t the only noteworthy event – cryptocurrency Exchange Traded Funds (ETFs) have seen a record influx of investments.
- Bitcoin (BTC) breached the March all-time high at $73,700 on Nov. 6, entering a price discovery mode and clinched a new peak above $76,000. The latest peak came up on Nov. 10, with the asset soaring to $79,780, a mere 0.27% away from $80,000.
- Meanwhile, the Federal Reserve announced an additional 25 bps interest rate cut on Nov. 7, contributing to the uptrend as Bitcoin held above $76,000 and the rest of the crypto market remained green.
SEC chair replacement
- The crypto community saw SEC chairman Gary Gensler as the industry’s primary antagonist within the Biden administration. As a result, Trump promised to fire him on “the first day in office.”
- Following Trump’s victory, discussions about Gensler’s sack dominated the community. However, as crypto.news reported, such a process could take some time due to administrative constraints.
- Reports confirmed that pro-crypto Dan Gallagher, the chief legal officer at trading platform Robinhood, was one of the top candidates considered by the Trump team to replace Gensler.
- The next day, they witnessed a massive $1.38 billion in inflows, the highest intraday net inflow since their launch in January. The BlackRock iShares Bitcoin Trust contributed the most to this record, cupping $1.12 billion that day.
- Last week, Ethereum ETFs recorded their highest weekly inflow since the July launch, amounting to $154.66 million.
- Reports from Nov. 7 also confirmed that Caroline Ellison, the former Alameda Research CEO and Sam Bankman-Fried’s ex-lover, had started her two-year sentence in a Connecticut prison.
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2024-11-10 15:59